If you are still manually handling supplier invoices, your business could be leaving significant savings on the table.
Manual processes are inefficient, particularly when companies receive most of their supplier invoices outside of a centralised system. Handling and processing supplier invoices, purchase orders and employee expenses using paper-based processes can be time-consuming and repetitive.
Data entry errors and delays to invoice approvals are a headache for finance departments and can cause tension with suppliers. Promot invoice payments can result in early payment discounts. Finance teams are missing out on these discounts with delayed invoice approvals. As a result, the company may be forced to pay penalty fees or interest if the invoice is overdue.
Automation solutions for supplier invoices
Automation enables finance teams to handle key processes more efficiently. This is because it eliminates the need to manually enter invoice details into spreadsheets or ERP systems. As a result, invoices can be approved much quicker.
By using an automation solution, supplier invoices can be input, archived, distributed and approved automatically and remotely. And, deployments are simple, especially if you choose a cloud-based solution. Software is available that is flexible enough to meet the needs of even the most complicated supplier invoice management workflows.
Speed up approval processes
Ultimately, businesses looking to improve productivity, speed up invoice approvals and reduce processing costs need to move towards an automated invoice management environment. If they don’t, they risk continuing with inefficient processes which stifle agility, hamper growth and threaten the bottom line.
Discover our innovative finance automation solutions today.
